Friends,
Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes has issued a Circular No. 08/2013 vide F.No. 275/192/2013-IT(B) regarding Income Tax Deduction from Salaries during the Financial Year 2013-14 under Section 192 of the Income Tax Act, 1961. In this Circular, Income Tax Department has mentioned all the details regarding deduction of income tax from the payment of income under the head "Salaries" under Section 192 of the Income Tax Act, 1961 during the financial year 2012-13. The Income Tax Rates for Tax Calculation purpose are also mentioned in this circular which could also be read as under :
The following important topics can also be read in this circular :
Tax calculation on Perquisite by employer :
- Computation of Average Income Tax
- Salary From More Than One Employer
- Relief When Salary Paid in Arrears or Advance
- Information regarding Income under any other head
- Computation of income under the head “ Income from house property”
- Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property Section 24(b)
- Adjustment for Excess or Shortfall of Deduction
- Salary Paid in Foreign Currency:
- PERSONS RESPONSIBLE FOR DEDUCTING TAX AND THEIR DUTIES
- Deduction of Tax at Lower Rate:
- Deposit of Tax Deducted:
- Due dates for payment of TDS : The dates are as under :
